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CITY OF EDWOOD CITY <br />Comprehensive Dollar Cost Bid <br />Rates for Additional Professional Services: <br />We are hesitant to simply state hourly rates, as often times the needs of the client <br />and the specific tasks directly impact the billing rates for our services. We <br />maintain a policy of flexible billing rates and try to work within client cost - control <br />parameters. However, to provide the City with additional information, the <br />following are our current published billing rates for projects other than those <br />listed in the RFP: <br />Partner <br />$ <br />735.00 <br />Manager <br />$ <br />150.00 <br />Senior <br />$ <br />125.00 <br />Professional Staff <br />$ <br />100.00 <br />Administrative Staff <br />$ <br />70.00 <br />It is also Firm policy, during the term of the audit contract, to match the lowest <br />qualified bid on additional financial related services required by the City. <br />Manner of Payment: <br />Each Engagement Team member maintains detailed time sheets describing work <br />performed, date of work, and amount of time spent on each task for the <br />Engagement. The Firm will s ummariz e the amount of time spent during the <br />month and bill the City based on the hourly rates published in the proposal up to <br />a maximum of 90 %. The r emainin g 10% of the proposal amount will not be due <br />until all final reports are delivered and accepted by the City. Based on our <br />previous experience, the City can anticipate three billings as follows: <br />it interim work 45 % <br />it year end work 45 <br />t presentation and acceptance <br />of final reports 10 <br />Total 100 % <br />Payment by the City is due 30 days after receipt of each billing. A late fee of 1.5% <br />of the billed but unpaid balance will be added for each 30 day period the bill <br />remains unpaid. <br />